29th May 2015 07:27
LONDON (Alliance News) - Sefton Resources Inc on Friday said it is moving closer to hiring a new chief executive but warned this could be held up after its former executive chairman lodged a legal claim against the company in the US.
Sefton said it is close to appointing a new chief executive, having now identified a preferred candidate for the role. Negotiations with the candidate are ongoing and the company expects to provide a further update on this in the near future.
Sefton also said it is continuing to explore and undertake due diligence on the acquisition of oil and gas assets and intends to pursue this strategy once its new CEO is in place.
Elsewhere, Sefton said it has learned that a complaint was lodged by former Executive Chairman Jim Ellerton in the US against Sefton, two directors and one former director claiming damages related to his resignation from the company's board, the termination of his consulting contract and its deal with Hawker Energy.
Sefton has not yet been served with court papers and no court date has been set to hear the claims. It added it anticipates that the appointment of a new CEO will only be finalised after a complete assessment is conducted on the potential impact of the claims.
Sefton shares were down 26% in early trade to 0.185 pence, the worst performer in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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